Fish Sauce Market

Global Fish Sauce Market Size (2024 to 2029)

The Global Fish Sauce Market size was valued at USD 19.8 billion in 2024. The Fish Sauce market share value is expected to grow at a CAGR of 5.06% during the forecast period 2024 to 2029 to reach USD 25.34 billion by 2029. 

Fish sauce is a brown liquid characterized by its distinctive meaty flavor and aroma. It primarily serves as a condiment to enhance the flavor of rice and various cereal-based dishes. Southeast Asia and Japan are renowned for their different variations of fish sauce, a notably salty condiment frequently employed in Vietnamese and Thai cuisine. In Vietnam, it's commonly crafted from shrimp, while in Thailand, it typically derives from fermented fish. Despite not being excessively fishy in taste, fish sauce is recognized for its distinctly pungent scent and robust salty profile.Fish sauce boasts a substantial content of essential amino acids, which have the capacity to promote better sleep and provide support to the digestive system and metabolism. Another valuable attribute is its omega-3 content, known for its ability to reduce blood cholesterol levels and enhance both brain and heart function.

The growing appetite for an expanded range of fish sauce products represents untapped opportunities within the Fish Sauce Market. Manufacturers are actively diversifying their fish sauce offerings to cater to the global demand for this versatile seasoning, which is increasingly replacing traditional salt on dining tables. Notably, market leaders are innovating by developing sauces that can be directly incorporated into various dishes. As consumer dietary preferences evolve, the demand for authenticity in food products is on the rise. People are becoming more discerning and are willing to invest in higher-quality, genuine products, even at premium prices. This heightened discernment is contributing to a worldwide surge in the demand for premium fish sauces.

MARKET DRIVERS

Key drivers in the Fish Sauce Market include ongoing research into fortified fish sauce production, which is expected to have a positive impact on product growth in the coming years. For instance, fortifying fish sauce with iron can significantly improve iron levels and reduce instances of anemia and iron deficiency. Additionally, the thriving availability of fish sauce products on retail shelves and the enticing discounts offered by major retail chains are expected to boost product sales. Moreover, the rising demand for fish sauce from the Hotel, Restaurant, and Café sector is anticipated to further drive market growth. Furthermore, fish sauce plays a pivotal role in various traditional cuisines like Japanese and Korean, and the increasing global popularity of these cuisines is expected to bolster the product's market share. Another major factor driving demand in the fish sauce market is the increased use of fish as a healthier alternative to chicken and red meat due to its rich nutrient content, including omega-3, vitamin D, and B2. This trend is prompting manufacturers to introduce various packaged, ready-to-use fish gravies, often available in powder form in sachets for maximum taste and convenience, especially catering to busy lifestyles in developed countries. Consequently, the demand for fish sauce, a crucial ingredient in preparing these dishes, is on the rise. Additionally, consumers in developed nations exhibit a greater willingness to explore new foods and flavors, contributing to increased fish sauce sales.

MARKET RESTRAINTS

The growth of the Fish Sauce Market may face impediments due to several factors. One significant concern is the adverse health effects linked to the presence of harmful artificial preservatives in some fish sauces. Additionally, chemically fermented fish sauces often lack essential nutritional content, further affecting market prospects. These factors are expected to restrain the overall growth of the fish sauce market.Furthermore, the market encounters challenges from the readily available alternatives to fish sauce. As consumers become increasingly health-conscious, the inclusion of added preservatives in fish sauce raises concerns, contributing to market challenges. The prevalence of alternative condiments and flavor enhancers adds to this competition. Addressing these challenges will be pivotal in sustaining and advancing the market's growth.

Impact Of COVID-19 on the Fish Sauce Market

In the past 18 months, nearly every industry worldwide has faced setbacks stemming from substantial disruptions in their manufacturing and supply chain operations. These disruptions were a consequence of various precautionary lockdowns and restrictions imposed by governmental authorities across the globe. The global fish sauce market has not been exempt from these challenges. Additionally, consumer demand has waned as individuals have shifted their priorities towards reducing non-essential expenses. The overall economic situation for most people has been significantly affected by the outbreak, further impacting consumer spending habits. These combined factors are expected to exert downward pressure on the revenue trajectory of the global fish sauce market throughout the forecast period.

REPORT COVERAGE

SEGMENTAL ANALYSIS 

Global Fish Sauce Market Segmentation Analysis By Type

Based on type, the traditional segment dominated the Fish Sauce Market in 2024 and is anticipated to grow at the highest CAGR during the projected period. The traditional segment is projected to dominate the market, primarily because it serves as a crucial ingredient in soups and casseroles in certain regions. 

Conversely, industrial fish sauces, which often contain preservatives, fish extracts, flavorings, colorings, and sweeteners, are less favored among consumers. Nevertheless, the industrial segment is expected to experience notable growth in the foreseeable future, driven by increased consumer expenditure on high-quality and premium products.

Global Fish Sauce Market Analysis By Distribution Channel

Based on the distribution channel, Supermarkets and hypermarkets are poised to be the dominant distribution channel in the Fish Sauce Market throughout the forecast period. Their prominence stems from the convenience they offer consumers by providing a wide range of options under one roof. This is particularly significant in the context of fish sauce, which is often exported from Southeast Asian nations, necessitating a well-established distribution network. The market also experiences intense competition among established brands producing both traditional and industrial fish sauce.

On the other hand, online retail stores are poised for the most significant CAGR. This swift expansion is attributable to the growing internet penetration and the surge in online food platforms.

REGIONAL ANALYSIS 

Based on region, North America is poised to maintain its dominance in the global advertising sector throughout the forecast period, with the United States playing a pivotal role in sustaining regional leadership. This preeminence is largely driven by a robust demand for advertising products, especially within the restaurant and food service industry. As Americans continue to embrace dining out and ordering in, the advertising sector benefits from their appetite for culinary experiences. Meanwhile, Central and South America are expected to witness remarkable growth due to various factors, including an expanding middle class, increased consumer spending, and a burgeoning interest in diverse advertising products across industries.

In the Asia Pacific region, sustained growth is anticipated, primarily due to the rising popularity of advertising products, particularly in culinary contexts in countries like China and Japan. As these nations embrace diverse cuisines and culinary experiences, the demand for advertising products, such as condiments and ingredients, continues to soar. Moreover, the Asia Pacific region benefits from increasing disposable income levels and rapid urbanization, which further fuels market growth. As urban populations grow, so does the demand for dining out and experimenting with different cuisines, contributing significantly to the expansion of the advertising sector. All in all, these regional dynamics set the stage for a thriving global advertising sector with North America at the forefront, Central & South America experiencing rapid growth, and the Asia Pacific region on a trajectory of consistent expansion.

On the other hand, the rest of the world is expected to record a moderate CAGR during the forecast period.

KEY PLAYERS IN THE GLOBAL FISH SAUCE MARKET

The Global key players are Masan Group Corp, Pichai Fish Sauce Co. Ltd, Rayong Fish Sauce Industry Co. Ltd, Thai Fish Sauce Factory (Squid Brand) Co. Ltd, Unilever Group, Teo Tak Seng Fish-Sauce Factory Co. Ltd, Shantou Fish Sauce Factory Co, Tang Sang Hah Co. Ltd, Fish Sauce Co. Ltd, Halcyon Proteins Pty. Ltd, Hung Thanh Co. Ltd.

RECENT HAPPENINGS IN THE MARKET

• In July 2022, Unilever introduced its most eco-friendly laundry capsule, a rapidly growing detergent type globally. These capsules come in plastic-free cardboard packaging, a step that aims to prevent over 6,000 tonnes of plastic waste annually, equivalent to the weight of 500 double-decker buses.
• In June 2022, Unilever and Genomatica teamed up to expand and commercialize substitutes for palm oil and fossil fuel-based cleansing components, crucial ingredients in numerous daily cleaning and personal care items. Amid rising demand for sustainable palm oil, this partnership aims to provide more responsibly sourced alternatives to the market.
• In May 2022, The Industrial University of Ho Chi Minh City recently hosted the official unveiling of Ca Ty fish sauce products. This product's research and development were conducted through a collaboration between the Industrial University of Ho Chi Minh, Thuan Hung Fish Sauce Manufacturing Co., Ltd., and Tatsuya Co., Ltd

DETAILED SEGMENTATION OF THE GLOBAL FISH SAUCE MARKET INCLUDED IN THIS REPORT

This research report on the global fish sauce market has been segmented and sub-segmented based on type, distribution channel & region.

By Type

• Traditional
• Industrial

By Distribution Channel

• Supermarkets/Hypermarkets
• Convenience Stores
• Specialty Retailers
• Online Retail Stores
• Other

By Region

• North America
• Europe
• Asia-pacific
• Middle-East and Africa
• Latin America